Indiabulls Housing inks co-lending pact with Central Bank of India
Shares of Indiabulls Housing Finance have risen over 12% in 3 sessions high after the lender inked a co-lending pact with the Central Bank of India (CBI). The stock, today, hit its 52-week high of Rs 277.90 per share on the BSE. The stock, which was up 6% in today’s session, rose over 4% in yesterday’s trade. Under this arrangement, Indiabulls Housing Finance and IIFL Home Finance will originate and process retail home loans while Central Bank of India will take into its book 80% of the housing loan under direct assignment transactions.
Co-lending tie-up with Central Bank of India will be a key partnership in Indiabulls Hosing’s new balance-sheet light growth business model. Moreover, technology led co-lending will help Indiabulls Housing offer convenient and seamless experience to its customers as well as help expand its reach to Tier III and IV towns of the country apart from strengthening its foothold in Tier I and Tier II towns.
On a consolidated basis, Indiabulls Housing reported 117.8% jump in net profit to Rs 276.23 crore in Q4 FY21 as against Rs 126.85 crore in Q4 FY20. Total income declined 18% year-on-year (Y-o-Y) to Rs 2,421.96 crore during the quarter.
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